Complex Claims Group
When claims present unique complexities, structured settlement can provide unparalleled value to all parties. Whether funding healthcare trusts, financial plans, or the future education of a minor, structured settlements can propel a claim to a fair, secure and lasting resolution. The key to the success of our Complex Claims Group is Chronovo’s blend of deep, diverse experience and innovative strategies and technology. Rolling up our sleeves to design and advocate for sound, creative solutions, we use structures and other financial vehicles to fund the best paths forward. Co-chaired by Bill Wakelee and Randy Simard, the Complex Claims Group has catalyzed many of our clients’ most dramatic claims resolution successes.
We are:
Collaborative by design
We are a single, national enterprise, not a chain of individual franchisees. This frees us to match brokers to each case by expertise, not sales territory. It also enables us to maximize settlement value and security through collaboration between our lawyers, MBAs, financial planners, CPAs and medical professionals on the same case. From the initial interview to the final mediation, we bring a complete creative team to the table.
Empowered by proprietary tech
- Access your client’s quotes 24/7
Alter terms with life company feeds in real time, compare plan designs, review sample documents and access our one-page summaries to assess options. Our exclusive, patent-pending CompassTM software brings it all to you. - Clarify the financial path
Our ChronographTM quotes transform abstract math into clear, colorful graphs and actionable information. Use them as powerful negotiating tools and to clarify options for future income and features. We make the complex simple. - Provide total command
Track multiple quotes, multiple parties and multiple life companies on every claim. We provide detailed options on types of products and plans that best fit the needs of the case and enhance the negotiations.
Designed to maximize value and security
- Offer genuine savings with ChronovoCareTM
The only 3-in-1 medical savings card in the marketplace, ChronovoCare will save your clients up to 80% on prescriptions, 60% on surgeries and procedures and 49% on medical equipment—at the pharmacy or provider of their choice. Plus, there are no fees, restrictions, or networks. We provide all this value pre-settlement and for all the years beyond. - Assess the big picture
Chronovo distills the entire marketplace objectively, putting hundreds of compelling annuity options, reinsurance funding, domestic non-qualified assignments, index and interest rate linked options, integration with trusts and even tax-deferred attorney fee options at your fingertips. - Gain MDL & Mass Torts expertise
Chronovo’s Complex Claims Group provides one-of-a-kind mastery for large, complex litigation. From customizing needs-based planning for an entire class to arranging confidential wire transfers and funding arrangements, our CCG has done things that typical brokers don’t have the time, team, or tools to attempt.
Examples:
A massive explosion at a manufacturing facility in Texas created wrongful deaths and injured hundreds.
Additional complexities included myriad future medical plans, income replacement shortfalls, coordinating several layers of coverage, beneficiary designations. and post-settlement communications and benefits.
How CCG made the difference:
– Creativity. With exposures and future needs exceeding coverage, our multi-disciplinary CCG team bridged the gap by blending several different structure products, integrating special needs trusts and clearing Medicare issues.
– Simplicity. CompassTM assisted counsel in negotiating several coverage towers across subclasses. Our instant proposal modifications and at-a-glance comparisons, dates, details and documents simplified the process.
– Value. While the CCG arranged for creative, tailored structure financing, ChronovoCare made life care plan costs visible and provided deep, ongoing medical discounts, adding an additional level of savings and security to settlements.
A decades-long mass molestation of 170 Haitian minors catalyzed a complex class action involving members of the clergy.
In addition to multiple co-defendants, complications arose over language, travel, security, international taxation, banking, statutory and court approval challenges.
How CCG made a difference:
– Empathy and education. Our work in Haiti resulted in an astounding compliance rate, with 70% of the plaintiffs choosing the safety and security of annuities. The cases were complicated by plaintiffs’ well-founded mistrust of institutions, extreme poverty and long-standing trauma, not to mention different cultural perspectives, language barriers and educational hurdles. Structures have never had such a profound impact.
– Preparation and innovation. Chronovo and its CCG were made for this. Compass allowed us to continuously price, plan, design, track and report on all individual plans, coordinate funding issues with the parties, the court, the QSF administrators and banks. Our legal, financial, insurance, tech and administrative team navigated each jack-in-the-box challenge with industry-first solutions.
– Global solutions, personal attention. The Haiti settlement had global ramifications. As well, each funding plan required individual counseling and customization. Some settlements provided partial cash and future income options, special language for foreign nationals, dissipation protections, ongoing, confidential wire transfers, financial planning. All these important facets will ensure each plaintiff a safe and stable future.
Chronovo Consulting Group
As Chronovo redefines our clients’ expectations about the savings, security and overall value of our uniquely strategic approach to structured settlements, we are also asked to address our clients’ other challenges and opportunities.
Our principals’ expertise in insurance services innovation and claims management always translates into significant problem-solving gains.
The Chronovo Consulting Group offers a wide range of services to self-insured employers, TPAs, carriers and claims organizations of all types and sizes.
Chronovo offers:
- Enterprise-level claims performance consulting services
Leverage the expertise of Chief Claims Officer Rick Woollams to maximize your claims savings and performance with new insights and insider perspectives. Focusing on practical, actionable and measurable strategies, Rick and members of the Consulting Practice Group add value by:
– Optimizing claims processes and operating model excellence for the entire enterprise, region and/or office.
– Conducting historical claims audits, cost transparency assessments and/or claims cost savings evaluations.
– Participating in claims improvement investments impact from the practical value of new claims technology, infrastructure, personnel and programs.
– Providing expert witness testimony and/or strategic options for resolving claims against a claims organization (including its most challenging claims) as part of our Complex Claims Group.
Example:
A British-based carrier sought to optimize the efficiency of its US claims workflow and operations. Chronovo’s Consulting Practice Group crafted a new, decentralized decision-making model. The implemented program initiatives reduced overhead, spurred decision-making and enhanced process transparency for the home office team.
- Technical innovation, assessment, management and design services
Our expert tech consultants represent an unmatched level of management software system design, improvement and implementation experience. In particular, Jack Plunkett is a recognized industry expert in insurance operations and enabling technology. Gurdip Singh, our coding wizard and data architect, designs customized tech solutions that meet the most stringent, real-time requirements. Our services include:
– Assessing claims systems due diligence, project plan and implementation processes and data analysis projects.
– Including your claims organization in Chronovo’s “Rosetta Stone” indicative analytics project.
– Providing an independent review and recommendation on all varieties of internally or externally driven technical initiatives for any claims organization.
Example:
A workers’ compensation state fund implemented a new claims management platform. Applying our depth of experience in insurance and best practices tech, Chronovo consultants directed the project from initial concept through implementation, achieving cost controls and a high level of customization.
- MSP/Medicare compliance program review and consulting
Benefit from the experience of former Massachusetts Special Assistant Attorney General and Chief-of-Staff for its Department of Labor, Ken Paradis. In addition to experience from the regulatory side, Ken brings practical solutions as a co-founder of insurance service organizations that created innovative products and services for workers’ compensation, SSDI Medicare compliance, and other offsets and savings programs. Our services include:
– Reviewing MSP compliance, MIR reporting, MSA strategy policies, procedures and performance.
– Integrating and coordinating the benefits with the settlement process, including reverse-offsets credits, second injury fund recoveries and subrogation programs. These services may also be handled in collaboration with our Complex Claims Group.
Example:
A national self-insured retailer asked Chronovo to develop new strategies to increase savings, speed and security for its Medicare Set Asides and Medicare Compliance. We created new protocols and processes, which provided the impetus for a new product—the iMSA—in collaboration with our partners Ametros and Examworks. The iMSA brings a new level of innovation to the marketplace.
- Mergers and acquisitions assistance, review and strategic planning
Founder, CEO and board member of three insurance services enterprises, Ken Paradis is often consulted in the acquisition of insurance services enterprises. Keenly aware of the multiple perspectives of the industry, Ken and members of the Consulting Group have been instrumental in assessing initial potential, collaborating on the post-transaction strategic plan and assisting in final negotiations. Services include:
– Reviewing the initial CIM and collaborating with the potential purchaser to test the likelihood of growth assumptions and assess the strategic possibilities of an acquisition target.
– Participating in the management presentation process and assisting in the valuation and negotiation process.
Example:
Two of the largest multi-national private equity firms were vetting the purchase of a global insurance services business. Chronovo provided critical industry insight to the entire process. Ken joined the Board of the Directors to continue to assist in strategic collaboration with the principals of the new business.
Chronovo Connect
While our patent-pending Compass technology provides our claims professionals with the industry’s only instantaneous access to quotes, sometimes the most critical service Chronovo offers is simply answering the phone. The guarantee of quick, reliable information and answers to questions from experts with deep and diverse expertise is one of our most valued assets.
Chronovo Connect is your fast, reliable ally for settlement success.
In addition to day-to-day troubleshooting and strategic assistance, one of Chronovo Connect’s primary functions is to ensure timely turnaround for all quotes within two business hours of receiving a completed referral. Connect also reviews large caseloads, risk transfers and difficult-to-settle claims. Our hallmark: identifying opportunities to bridge the settlement gap with structures and other techniques.
Our clients may be prompted to call because they need a quick turnaround or they are seeking advice on an obscure challenge. They rely on Connect for expedient, experienced guidance and for help shaping settlement strategies, large and small.
